Stocks slide; S&P 500 turns negative for '11

NEW YORK (AP) - Stocks closed lower yesterday after Europe's central bank disclosed figures suggesting that banks in the region were becoming increasingly reluctant to lend to one another.

NEW YORK (AP) — Stocks closed lower yesterday after Europe’s central bank disclosed figures suggesting that banks in the region were becoming increasingly reluctant to lend to one another.

The Dow Jones industrial average lost nearly 140 points, and the S&P 500 index fell after five days of gains. The S&P is negative for the year again, after barely turning positive on Friday.

The European Central Bank said the Continent’s banks parked $590.72?billion with it overnight, surpassing the record set Monday. That means those banks were less willing to take the risk of making short-term loans to one another, opting instead to earn low interest rates from the ECB. The disclosure also hurt the euro, which fell to $1.291, its lowest level against the dollar since January.